US proven reserves of crude oil and natural gas up in 2011

Published estimates in the US Energy Information Administration’s (EIA) report; US Crude Oil and Natural Gas Proved Reserves, 2011, indicate that proved crude oil additions set a record increase for the second year in a row.

Natural gas proved reserve additions displayed the second largest annual increase since 1977, but fell short of setting a record.

EIA weekly data has shown a more pronounced seasonal rise in gasoline consumption compared to previous years. However, results may be exaggerated by the way in which the organisation estimates figures.